Reducing staff salaries - how to have team convo?

My org is tight on cashflow and is preparing for a future scenario where fundraising doesn’t go as well as we hope. The director and I both think that our salaries and benefits are very generous and would like to have a collaborative (and hopefully not-too-stressful) convo about the options of reducing salaries across the board and voluntarily reducing one’s hours. Anyone have advice on how to approach a convo like this? How to ensure that staff don’t feel pressured to answer in a certain way out of fear? And also how to be sensitive to people raised working class or are currently tight on cash? Thnx